Stablecoins are revolutionizing global finance, with Circle’s USDC and Ethena’s USDe at the forefront of this explosive growth.
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According to a joint 2025 stablecoin market report by Dune and Artemis, stablecoins processed more transactions in 2024 than major payment networks like Visa and Mastercard combined.
Stablecoins Outpace Visa and Mastercard in Volume
The stablecoin market grew 63% in 2024, rising from $138 billion to $225 billion in total supply between February 2024 and February 2025, says the report.
Despite rapid growth, stablecoins remain small, with total supply nearly 100 times less than traditional currencies like the U.S. dollar and euro.
Still, the impact of stablecoins is growing. In 2024, stablecoins processed more transactions than major payment networks.
Visa handled $15.7 trillion for the year, while Mastercard processed $9 trillion in Q4 alone. Stablecoin transfers more than doubled Visa’s total and matched Mastercard’s, solidifying their role in the global financial system.
Stablecoin Transfers Surge
Stablecoin transfers more than doubled in 2024, climbing from $1.9 trillion to $4.1 trillion—a 115% surge.
Stablecoin use also grew, with active addresses rising 53%, from 19.6 million to 30 million between February 2024 and February 2025.
The average transfer size remained steady at around $680,000. Institutional demand spiked, with large transfers in May and July indicating significant whale and institutional participation.
Ethena’s USDe Shakes Up Stablecoin Market
One of the most disruptive players in the stablecoin market is Ethena’s USDe.
USDe is a decentralized synthetic stablecoin backed by staked Ethereum (stETH) and offset by short Ethereum perpetual futures (ETH-PERP), ensuring price stability through hedging strategies.
Ethena’s USDe soared from $620 million to $6.2 billion by February 2025, making it the third-largest stablecoin with a 2.9% market share.
Over 60% of USDe tokens are staked (as sUSDe) on Ethena’s smart contract, offering holders a 9% annual return. This yield-generation feature has driven rapid adoption, propelling USDe’s explosive growth in just its first year.
Circle’s USDC Leads Transfer Volume
While Tether’s USDT remains the largest stablecoin by supply with a $146 billion market cap, Circle’s USDC has overtaken it in transfer volume. USDC’s share rose from 56% to 66% by February 2025, while USDT’s dropped from 36% to 26%.
USDC also doubled its market value to $56 billion, driven by regulatory compliance and expanded adoption. In 2024, USDC became the first stablecoin licensed under the EU’s MiCA framework, met Canadian listing rules, and gained recognition from Dubai’s DIFC.
Partnerships with Binance, Coinbase, Stripe, and MoneyGram have further accelerated USDC’s adoption, expanding its global reach.
Stablecoin Liquidity Across Blockchains
Stablecoin liquidity distribution across blockchains has remained relatively stable, with Ethereum and TRON leading the market.
Ethereum’s share grew from 54% to 55%, while TRON dropped from 35% to 28%, despite dominating peer-to-peer (P2P) stablecoin transfers with over a 50% market share.
Solana and Base saw gains, rising from 1.6% to 5.4% and from 0.2% to 1.8%, respectively, driven largely by a sharp increase in memecoin activity.
Why This Matters
Stablecoins are reshaping global finance, surpassing major payment networks and attracting significant institutional adoption. Fueled by regulatory compliance and innovation, stablecoins are becoming essential to the financial infrastructure.
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